International Paper Supports Irish Takeover Panel Timeline

Today, the Irish Takeover Panel announced that International Paper Company has until 7:00 am on June 6, 2018 to announce whether it will or will not make a binding offer for Smurfit Kappa Group plc under Rule 2.5 of the Irish Takeover Rules. IP supports the Panel’s decision and favors a prompt resolution.

International Paper believes its current proposal represents a compelling strategic and financial rationale for a combination with Smurfit Kappa. From the outset, IP has stressed the importance of proceeding on an agreed basis. To that end, IP confirms that it will not proceed with a binding offer unless it is recommended by Smurfit Kappa’s Board of Directors.

Furthermore, International Paper confirms that it would seek a secondary listing on the London Stock Exchange to enable Smurfit Kappa shareholders to share in the potential value created by a transaction. IP would also provide Smurfit Kappa shareholders with a "mix and match" facility, which would allow Smurfit Kappa shareholders to elect, subject to other shareholders making countervailing elections, to receive a greater or lesser proportion of cash or International Paper shares.

International Paper believes both companies should meet to discuss the synergy potential of the combined company and gain a better understanding of each company’s current outlook, in order to explore a path forward to a recommended transaction.